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Top wealth management firms have tended to be more conservative with their digital marketing than firms in other industries. However, as their existing customer base and target audience relies more on digital media to communicate and demands access on multiple platforms and at all hours, wealth management firms are placing a renewed emphasis on developing viable digital marketing strategies.

Expanded Efforts

Wealth management firms continue to infiltrate the digital marketing space, in no small part because that’s what its customers demand. In particular, a Booz & Co. study published in 2014 showed that those investors in their 20s and 30s often join peer-to-peer groups online and participate in virtual communities to display their results and determine what their next investments will be. Some leading firms take advantage of this by encouraging customers to follow their top managers via social media sources and allowing them to replicate their trades.

Direct Sales

Digital media can help assist investors in making the decision to purchase wealth management products. As potential investors are seeking information on their options, asking questions, noting reviews from others in similar situations and evaluating alternatives, online and social media can be a key tool. Leading wealth management firms use this to their advantage in their digital marketing strategies, providing the tools and information these investors need to make informed decisions. This is expected to increase in the near future, as firms look to parlay a robust digital marketing presence with their transactional expertise to make it easier to covert digital marketing into investment purchases.

Enhanced Communications

Particularly for complicated decisions and situations, most clients still want personal contact with a trusted source. They may expect that source to be accessible after business hours, however, and occur online and via social media platforms if desired. In the Booz & Co. study, for example, more than half of the respondents under 50 were interested in contacting an adviser via text message, a webcam conference, video messaging and other forms of technological communication.

Feedback Mechanism

Digital media provides numerous opportunities for a wealth management firm to get feedback on how its customers view their services, and determine where potential transactions are abandoned. Tracking complaints on Twitter and Facebook, for example, can indicate the need for a proactive marketing campaign to reach out to dissatisfied customers, solve their problems and keep them in the fold. Such firms may also use email or online surveys after completed transactions to both gauge the customers’ satisfaction with the completed process and to serve as an opportunity to market additional services.